Rental Property Investor · Chicago, IL · Member since 2008 · 29 posts · 5 votes
House that I'm looking to wholesale:
4bd/1ba, 1725 sqft, unfinished basement, brick, 2 car garage
I looked for similar homes between 1500-2000 sqft, but couldn't find any. But these are what I came up with:
Comp #1
- 4bd,2.5 ba, 1125 sqft, finished basement, brick, 2 car garage
- 0.6 miles away, sold for 121,000 in 5/2010
- newly rehabbed, seems like it used to be a 1ba but 1.5 bath was added
Comp #2
- 4bd,1ba, 1248 sqft, unfinished basement, brick, 2 car garage
- 1 mile away, sold for 117,000 in 6/2010
- newly rehabbed
Comp #3
- 4bd,1 ba, 1196 sqft, finished basement, brick, 2 car garage
- 0.9 miles away, sold for 140,000 in 5/2010
Did you go back six months, or expanded the area alittle more until you found one just like yours. Are there any homes close to this house,sold or not,that match it.(sq ft)
What is the asking price for your house?
Did you go back six months, or expanded the area alittle more until you found one just like yours. Are there any homes close to this house,sold or not,that match it.(sq ft)
What is the asking price for your house?
Drive by them, and compare the homes and the streets.
For my market those comps are too far from the subject home. See here pricing can vary street to street (At least in center township-close to downtown Indianapolis) Now it may be different there, but I would question why you can't find comps closer to your property.
try going back a little further to see if anything has sold around the house (Under .5 miles). Again this may not fit your market, so take a trip out and see how they compare, and find out if houses are selling there...
They look like they could be but you have to make adjustments to them based on sq footage and additional bathrooms, etc.
Make sure your square footage is correct too.
Especially this one...Is there room in 1125 sq ft for all of this and a kitchen and living room??!!
"Comp #1
- 4bd,2.5 ba, 1125 sqft, finished basement, brick, 2 car garage
- 0.6 miles away, sold for 121,000 in 5/2010
- newly rehabbed, seems like it used to be a 1ba but 1.5 bath was added"
All kidding aside, it is very hard to find exact comps. You need to make adjustments to most of them. The biggest key is when they were sold....It's very hard to make adjustments for that!
Bill
Hi, any one or two of the comps are usable but you really need a larger home to set the parameters. All of the properties exceed 10% adjustmenst. FInd something within the past six months (if not move out to a year). I would rather see something closer in Sq.Ft. than style, for example a 1,800 ft ranch. Also, move out to the three mile mark from the subject. Using two within three miles and a smaller one above that is much closer would be better than having larger adjustments on properties that are closer to the subject. Bill
Thanks for everyone's help. I have went back 6 months and was trying to stay within a mile radius. It seems like I will need to expand both of those search criteria.
Similar in size and sf, not bad. What did you decided do with the home. We need more details. What did you put it under contract for. Comps are cool, but in the inside of the house is mush, you got some thinking to do. lol.